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King Charles III will not feature on Australia’s new $5 bill, the country’s central bank announced on Thursday, marking the removal of the British monarchy from Australia’s bank notes, although the new king is still expected to feature on the coin.
A new Indigenous design will replace the previous portrait of the late Queen Elizabeth, the Australian Reserve Bank said, a move that respects “the culture and history of First Australia.”
“The other side of the $5 note will continue to feature the Australian parliament,” the bank said in a statement.
The $5 bill is the only bank note in Australia to feature the king.
He said the decision came after consultation with the government, which supported the change.
Treasurer Jim Chalmers weighed in on the decision, saying the change is “an opportunity to strike a good balance.”
“The Queen will still be on the coins, but the $5 note will speak more about our history and heritage and our country, and I see that as a good thing,” he told reporters in Melbourne.
Opposition Leader Peter Dutton compared the move to changing the date of Australia Day, a national holiday.
“I know the silent majority disagree with a lot of the nonsense that goes on, but we need to hear more from those people online,” he told 2GB Radio.
Dutton said Prime Minister Anthony Albanese was central to the decision to keep the king out of the record, urging him to “own it.”
The bank plans to consult with Indigenous groups to design the $5 note and expects it to be several years before it is launched.
The current $5 bill will continue to be issued until the new design is introduced and will remain valid.
The face of King Charles III is expected to appear on Australian coins later this year.
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